A pronounced transformation towards sustainability has been undergone in the worldwide energy landscape, compelled by the urgent imperative to combat climate change. Leading this transition is the rapidly developing e-fuel market.
Yes, production costs for electricity have dropped dramatically as renewable energy sources like wind and solar have matured and become widely used. This has consequently increased the cost viability of producing green hydrogen, a crucial component of e-fuels. Well, in this blog, let’s discuss what e-fuel is and its prominent market players.
What is E-Fuel?
E-fuels are synthetic fuels made by electrolysis, a technique that uses renewable power to divide water molecules into hydrogen and oxygen. Synthesis is the process of reacting CO2 that is extracted from different sources with green hydrogen that is produced by electrolysis. E-fuel, or synthetic hydrocarbon fuel, is the end product of this.
Market Growth Insights
The global e-fuel market was valued at USD 109.87 billion in 2022 and is expected to grow to USD 643.80 billion at a CAGR of 19.4% during the forecast period of 2032.
Key Players of the E-Fuel Market
Here are the top 7 market players operating in the industry:
#1 Carbon Clean Solutions
In 2009, just as atmospheric carbon was beginning to build at an exponential rate, Carbon Clean was established. With offices in India, Spain, and the US, their main office is in London. They have taken out more than 1.9 million metric tons of carbon from 49 plants worldwide as of July 2023.
The mechanical engineers Jan Wurzbacher and Christoph Gebald formed Climeworks in 2009. The two founders studied direct air capture technology to extract carbon dioxide from the air while pursuing their PhDs at the ETH Zurich. Climeworks, a spin-off from ETH Zurich, was established based on such research.
#3 E-Fuel Corporation
Entrepreneur Tom Quinn and ethanol fuel CTO Floyd Butterfield established the E-Fuel Corporation in 2008 with the goal of reducing energy waste in order to help businesses, consumers, and huge communities wean themselves off of oil. In order to tackle the main causes of climate change, E-Fuel has emerged as the most advanced cogeneration company; it is one of the prominent e-fuel market players.
#4 Global Thermostat
The Global Thermostat was founded in 2010 with the intention of utilizing rigorous engineering and basic science to find the most economical method of capturing CO2 from the atmosphere. They have obtained over 100 patents, demonstrated our technique at several scales, and accumulated unmatched experience regarding the crucial performance drivers for direct air capture during the last ten years.
#5 Norsk e-Fuel AS
In order to accelerate the shift to renewable aviation fuels, Norsk e-Fuel was established in 2019. It aims to produce sustainable fuels using water and CO2 in an industrial setting. Even though it is one of the sectors of the transportation industry where reducing emissions is particularly difficult, aviation has recently experienced the fastest rate of growth.
#6 Prometheus Fuels
An American energy business called Prometheus Fuels is creating instruments to extract economically viable fuels from atmospheric CO2 by filtering them through electricity, water, and nanotube membranes. E-fuels created by such direct air capture systems are carbon neutral when fueled by renewable electricity sources, meaning they do not contribute to further emissions.
#7 Siemens Energy AG
Since Werner von Siemens and Johann Georg Halske founded the company, the energy sector has been an integral element of it. The establishment of Siemens-Schuckertwerke in 1903, the establishment of the Power Engineering Division under the newly established Siemens AG in 1969, and the consolidation of operations into the Siemens Energy Sector in 2008 were notable corporate landmarks.
The industry’s leading service providers are always updating their technology to maintain an edge over rivals and to guarantee effectiveness, reliability, and security. To get a competitive advantage over their rivals and take a sizeable portion of the e-fuel market, these players concentrate on cooperation, product advancements, and partnerships.